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Facedrive(TSXV:FD) stock keeps falling as fundamentals creep. We’ve witnessed a 78% dip from $59.95 on February 8 to $12.5 on July 16 and you thought crypto is volatile. Cryptocurrencies like Bitcoin and Ethereum have some hope of becoming alternate currencies. But what will you call Facedrive, which moved from being a ridesharing service to a food delivery service?
The fundamental of Facedrive don’t add up
Facedrive’s first-quarter earnings gave a shocking figure. Its ridesharing revenue fell 72.5% year over year (YoY) to $79,054. Whether this is a company’s revenue or an employee’s annual salary is difficult to say. Conversely, 96% of Facedrive’s revenue, or $4.09 million, came from Foodora and Steer, which it acquired last year in an all-share deal.